South Korean regulators begin accepting reports on undeclared virtual asset operators

South Korea’s Digital Asset Exchange Joint Negotiation Agency (DAXA) will cooperate with South Korea’s Financial Intelligence Unit (FIU) to accept reports on undeclared virtual asset operators. Specifically, whistleblowers can report domestic and foreign virtual asset operators that fail to submit reports under the Specified Financial Information Act (Special Law) and conduct unreported business with Koreans. DAXA will conduct an initial review of the whistleblower report and forward the results to the FIU. The FIU will respond to DAXA with its determination of whether an undeclared crypto business is a crypto business and will inform the business of the result.